The United States emerged from World War II in a position of global dominance. From this unparalleled military and economic power came a Pax Americana that has endured for more than six decades. It seemed the sun would never set on the U.S. empire.
But America is increasingly unable to play the hegemon’s assigned role. Militarily, a hegemon is responsible for stabilizing key regions and guarding the global commons. Economically, it offers public goods by opening its domestic market to other states, supplying liquidity for the world economy, and providing the reserve currency. A hegemon is supposed to solve international crises, not cause them. It is supposed to be the lender of last resort, not the biggest borrower. Faced with wars it cannot win or quit and an economy begging rescue, the United States no longer fits the part.
Still, many in the mainstream foreign-policy community see these as temporary setbacks and believe that U.S. primacy will endure for years to come. The American people are awakening to a new reality more quickly than the academy. According to a December 2009 Pew survey, 41 percent of the public believes that the U.S. plays a less important and powerful role as a world leader than it did a decade ago.
The epoch of American dominance is drawing to a close, and international politics is entering a period of transition: no longer unipolar but not yet fully multipolar. President Barack Obama’s November 2009 trip to China provided both substantive and emblematic evidence of the shift. As the Financial Times observed, “Coming at a moment when Chinese prestige is growing and the U.S. is facing enormous difficulties, Mr. Obama’s trip has symbolized the advent of a more multi-polar world where U.S. leadership has to co-exist with several rising powers, most notably China.” In the same Pew study, 44 percent of Americans polled said that China was the leading economic power; just 27 percent chose the United States.
